I GOT THE LETTER FROM CAPITAL ONE (WALMART CREDIT CARD CHANGES)? #capitalone #walmartcreditcard

I GOT THE LETTER FROM CAPITAL ONE (WALMART CREDIT CARD CHANGES)? #capitalone #walmartcreditcard

As many of you may already know, Capital One and Walmart have decided to end their partnership. This decision stems from a lawsuit filed by Walmart in April 2023, citing that Capital One has not been properly updating accounts and allegedly breached their partnership agreement. The partnership, which began in 2019, has come to an abrupt end in 2023. Today, I received my letter from Capital One detailing what will happen next with the Walmart credit card, and that's what we're going to discuss right now.

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The End of the Partnership

As stated in the introduction, this marks the end of the partnership between Walmart and Capital One as the sole issuer of the Walmart card. If you hold a Walmart credit card, Capital One is the one that issued it to you. I've had this card for well over ten years. Initially, Synchrony Bank was the bank that issued it until Walmart and Capital One formed their partnership in 2019, which resulted in the Capital One Walmart card.

The Letter

The letter I received highlights the forthcoming changes:

Your Account and Rewards are Changing

Dear Carter, we're reaching out about upcoming changes to your Walmart Rewards Card issued by Capital One. This letter is to notify you that the partnership between Walmart and Capital One is ending. As a result, we can no longer offer the Walmart Rewards Card. However, we are pleased to inform you that your account will be replaced with a Capital One Quicksilver Mastercard account.

Please take the time to carefully review the enclosed information to understand the terms of your new card account. Keep a copy for your records and note that your rewards are changing on September 10, 2024. Between this date and when your new card arrives, you will still be able to use your Walmart Rewards Card at Walmart, earning 1.5% cash back on purchases. Once you receive your new Quicksilver card, you will be able to use it anywhere Mastercard credit cards are accepted.

Here’s what you need to know:

Earning Rewards: Beginning September 10, 2024, you will earn unlimited 1.5% cash back on purchases everywhere you use your card, including Walmart locations. You will no longer earn additional cash back at Walmart.com, Walmart stores, or Walmart and Murphy USA fuel stations. You keep the full value of the rewards you've already earned, and rewards don’t expire as long as your account remains open.

Redeeming Rewards: You can redeem cash back for any amount and will be able to redeem rewards for gift cards, get reimbursed for recent purchases, and more. You will no longer be able to redeem your rewards at checkout on Walmart.com starting September 10, 2024.

Product Features: Enjoy no annual fee, manage your account online via Capital One’s mobile app, and earn shopping credits through Capital One Shopping. Walmart Quick Cash will no longer be available with the Quicksilver card.

Account Terms: Review the enclosed account terms, including those applicable to new cash advance and balance transfer features of your Quicksilver account. Rates and fees for purchase transactions remain the same. Continue to make your payments online.

Personal Perspective

I'm not thrilled about this change. I already have a Capital One Quicksilver Mastercard, which I got years ago when my credit was not great. Capital One has a tendency to "bucket" you based on your initial credit score, making it difficult to improve or receive credit limit increases even if your credit improves significantly.

Evolution of My Credit History

I originally obtained my Walmart card in 2014 with a $ 700 limit, which has remained unchanged to this day because Capital One doesn't like to give credit increases unless you frequently max out your card. Despite my excellent credit score now, they still consider me the same risk level as when I started. This Quicksilver card switch will be another card that will end up in my drawer unused, just like my other Capital One cards.

Concerns About Discover

There have been talks about Capital One acquiring Discover, which worries me. If Capital One takes over, it may mean a downgrade in customer service quality and product features, similar to the issues Walmart faced. I’m hoping this merger doesn’t go through.

Let me know if you've received your letter and how you feel about this change. Also, what do you think about the potential Capital One and Discover merger? Share your thoughts in the comments.

Thank you for tuning in, and I'll see you in the next video.

Keywords

• Capital One
• Walmart
• Partnership ending
• Credit card changes
• Quicksilver Mastercard
• Rewards program
• Synchrony Bank
• Credit limit
• Customer service
• Discover acquisition

FAQ

Q: Why is Capital One and Walmart's partnership ending?
A: The partnership is ending due to a lawsuit filed by Walmart in April 2023 alleging that Capital One was not properly updating accounts and breached other terms of their agreement.

Q: What will happen to my Walmart credit card issued by Capital One?
A: Your Walmart credit card will be replaced with a Capital One Quicksilver Mastercard. Existing rewards and account balances will transfer over, but some benefits like additional cash back at Walmart locations will end.

Q: When will these changes take effect?
A: The changes will take effect on September 10, 2024.

Q: Will I still be able to earn and redeem rewards?
A: Yes, but the rewards structure will change. You will earn unlimited 1.5% cash back on all purchases and can redeem rewards for gift cards, purchase reimbursements, and more. However, you won't be able to redeem rewards directly at Walmart.com.

Q: I'm already a Capital One Quicksilver cardholder. What happens to my account?
A: If you already have a Quicksilver card, you'll end up with two. This may not be ideal, but closing the Walmart card could negatively impact your credit score due to its long history.

Q: What are the implications if Capital One acquires Discover?
A: If Capital One acquires Discover, it could mean a degradation in service quality and account management for Discover cardholders, similar to the issues faced by Walmart credit cardholders.